Geode Capital Management LLC Grows Holdings in Erasca, Inc. (NASDAQ:ERAS)

Geode Capital Management LLC raised its position in Erasca, Inc. (NASDAQ:ERAS) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,569,819 shares of the company’s stock after buying an additional 67,121 shares during the period. Geode Capital Management LLC owned approximately 1.62% of Erasca worth $11,474,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. boosted its holdings in Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after purchasing an additional 5,614 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Erasca by 42.4% during the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock valued at $67,000 after buying an additional 8,000 shares during the last quarter. AXQ Capital LP acquired a new stake in shares of Erasca during the fourth quarter worth approximately $27,000. Rhumbline Advisers grew its position in shares of Erasca by 5.4% during the fourth quarter. Rhumbline Advisers now owns 223,888 shares of the company’s stock worth $562,000 after buying an additional 11,400 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in shares of Erasca by 29.1% in the fourth quarter. Teacher Retirement System of Texas now owns 54,706 shares of the company’s stock worth $137,000 after buying an additional 12,345 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Raymond James started coverage on shares of Erasca in a report on Wednesday, March 26th. They set an “outperform” rating and a $5.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $4.00 price objective on shares of Erasca in a report on Friday, March 7th. The Goldman Sachs Group cut their price objective on Erasca from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Tuesday, January 7th. Finally, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Friday, March 21st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca has an average rating of “Buy” and an average target price of $4.83.

Erasca Stock Up 11.3 %

Shares of ERAS stock opened at $1.38 on Wednesday. The company has a market cap of $390.91 million, a P/E ratio of -1.66 and a beta of 1.14. The business has a 50 day moving average of $1.36 and a two-hundred day moving average of $2.11. Erasca, Inc. has a 52 week low of $1.01 and a 52 week high of $3.45.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. During the same period last year, the business posted ($0.20) EPS. Analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Erasca Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.